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Throughout the past three months, the bitcoin price has flirted with the $4,200 resistance level, often struggling to maintain momentum above the key $4,000 mark.
Several traders have demonstrated concerns over the extended period of stability demonstrated by bitcoin because, in late 2018, the cryptocurrency recorded a drop of around 50 percent following three months of stagnation in the $6,300 to $6,500 range.
However, a cryptocurrency technical analyst known to the community as “Galaxy” has said that once bitcoin breaks out of a key resistance level above $4,000, it could potentially recover to $5,500.
The analyst explained:
“According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards with an average price rise of 35%.”
“That gives us a target of $5500 BTC once the breakout is confirmed.”
NO SCENARIO FOR BITCOIN IS CONFIRMED YET
Many technical analysts and traders remain cautiously optimistic on the price trend of bitcoin, partially concerned about the inability of bitcoin to cleanly break out of $4,000 and test major resistance levels.
Throughout the past week, BTC has remained relatively stable in the $4,000 to $4,100 range, unable to rebound to the $4,200 level since late February.
At the time, economist and crypto market analyst Alex Krüger said that BTC endured a short-term correction as soon as it reached its first major resistance, following a prolonged upside movement.